Artificial Intelligence Market to Hit $1,811.75 Billion by 2030: Grand View Research, Inc.

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Jul 03, 2023, 06:00 ET

SAN FRANCISCO, July 3, 2023 /PRNewswire/ -- The global artificial intelligence market size is expected to reach USD 1,811.75 billion by 2030, expanding at a CAGR of 37.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses algorithms to understand human speech, visually recognize objects, and process information.

Key Industry Insights & Findings from the report:

The advent of big data is expected to be the cause of artificial intelligence market growth, as a large volume of data is needed to be captured, stored, and analyzed.
The increasing demand for image processing and identification is expected to drive industry growth.
North America dominated the market and accounted for a revenue share of over 36.8% of global revenue in 2022.
One of the significant concerns restraining industry growth is the need for a large amount of data to train AI systems for character and image recognition.

Read full market research report, "Artificial Intelligence Market Size, Share & Trends Analysis Report By Solution, By Technology (Deep Learning, Machine Learning), By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Artificial Intelligence Market Growth & Trends

These algorithms are used for data processing, calculation, and automated reasoning. Artificial intelligence researchers continuously improve algorithms for various aspects, as conventional algorithms have drawbacks regarding accuracy and efficiency. These advancements have led manufacturers and technology developers to focus on developing standard algorithms. Recently, several developments have been carried out for enhancing artificial intelligence algorithms. For instance, in May 2020, International Business Machines Corporation announced a wide range of new AI-powered services and capabilities, namely IBM Watson AIOps, for enterprise automation. These services are designed to help automate IT infrastructures, make them more resilient, and cost reduction.

Various companies are implementing AI-based solutions such as RPA (Robotic Process Automation) to enhance the process workflows to handle and automate repetitive tasks. AI-based solutions are also being coupled with the IoT (Internet of Things) to provide robust results for various business processes. For instance, Microsoft announced an investment of USD 1 billion in OpenAI, a San Francisco-based company. The two businesses teamed up to create AI supercomputing technology on Microsoft's Azure cloud.

The COVID-19 pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the outbreak, as several tech companies are working on preventing, mitigating, and containing the virus. For instance, LeewayHertz, a U.S.-based custom software development company, offers technology solutions using AI tools and techniques, including the Face Mask Detection System, to identify individuals without a mask, and the Human Presence System to monitor patients remotely. Besides, Voxel51 Inc., a U.S.-based artificial intelligence start-up, has developed Voxel51 PDI (Physical Distancing Index) to measure the impact of the global pandemic on social behavior across the world. AI-powered computer platforms or solutions are being used to fight against COVID-19 in numerous applications, such as early alerts, tracking & prediction, data dashboards, diagnosis and prognosis, treatments & cures, and maintaining social control. Data dashboards that can visualize the pandemic have emerged with the need for coronavirus tracking and prediction. For instance, Microsoft Corporation's Bing's AI tracker gives a global overview of the pandemic's current statistics.

Artificial Intelligence is becoming vital to big data as the technology allows the extraction of high-level and complex abstractions through a hierarchical learning process. The need for mining and extraction of significant patterns from high-volume information is driving the growth of artificial intelligence in big data analytics. Furthermore, the technology helps overcome challenges associated with big data analytics, such as the trustworthiness of data analysis, format variation of raw information, highly distributed input sources, and imbalanced input data. Another challenge includes a lack of efficient storage and poor information retrieval as it is collected in large quantities and made available across numerous domains. These challenges are overcome by using semantic indexing to facilitate comprehension and knowledge discovery.

Artificial Intelligence Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 196.63 billion
Revenue forecast in 2030	USD 1,811.75 billion
Growth rate	CAGR of 37.3% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030

Artificial Intelligence Market Segmentation

Grand View Research has segmented the global artificial intelligence market based on solution, technology, end-use, and region:

Artificial Intelligence Market - Solution Outlook (Revenue, USD Billion, 2017 - 2030)

Hardware
Software
Services

Artificial Intelligence Market - Technology Outlook (Revenue, USD Billion, 2017 - 2030)

Deep Learning
Machine Learning
Natural Language Processing (NLP)
Machine Vision

Artificial Intelligence Market - End-use Outlook (Revenue, USD Billion, 2017 - 2030)

Healthcare

Robot-Assisted Surgery
Virtual Nursing Assistants
Hospital Workflow Management
Dosage Error Reduction
Clinical Trial Participant Identifier
Preliminary Diagnosis
Automated Image Diagnosis

BFSI

Risk Assessment
Financial Analysis/Research
Investment/Portfolio Management
Others

Law
Retail
Advertising & Media
Automotive & Transportation
Agriculture
Manufacturing
Others

Artificial Intelligence Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)

North America

U.S.
Canada
Mexico

Europe

U.K.
Germany

Asia Pacific

China
Japan
India

South America

Brazil

Middle East and Africa (MEA)

List of Key Players in the Artificial Intelligence Market

Advanced Micro Devices
AiCure
Arm Limited
Atomwise, Inc.
Ayasdi AI LLC
Baidu, Inc.
Clarifai, Inc
Cyrcadia Health
Enlitic, Inc.
Google LLC
H2O.ai.
HyperVerge, Inc.
International Business Machines Corporation
IBM Watson Health
Intel Corporation
Iris.ai AS
Lifegraph
Microsoft
NVIDIA Corporation
Sensely, Inc.
Zebra Medical Vision, Inc.

Check out more related studies published by Grand View Research:

Automotive Artificial Intelligence Market - The global automotive artificial intelligence market size is expected to reach USD 14.92 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to expand at a lucrative CAGR of 22.7% from 2023 to 2030. The artificial intelligence (AI) in the automotive industry is driven by factors such as government initiatives to incorporate autonomously and the growing demand for autonomous vehicles. Furthermore, the automotive industry's expansion will likely drive the artificial intelligence market. The automotive sector has benefitted from artificial intelligence and is one of the primary industries that use AI to augment and replicate human action. For instance, in March 2023, RoboSense announced the launch of the RS-Fusion-P6 (P6) automotive-grade solid-state LiDAR perception solution.
Artificial Intelligence (AI) Sensor Market - The global AI sensor market size is expected to reach USD 41.17 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 43.6% from 2023 to 2030. The artificial intelligence (AI) sensor market has been experiencing significant expansion and is projected to grow robustly. Factors such as the increasing adoption of AI technologies, advancements in sensor capabilities, rising demand for internet of things (IoT) and connected devices, and the need for enhanced human-machine interactions are driving the market growth.
Machine Learning Market - The global machine learning market size is anticipated to reach USD 419.94 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 34.8% from 2023 to 2030. The market is experiencing continuous growth, driven by the increasing demand for AI-driven solutions across industries. It is expected to expand further as more organizations recognize the potential of machine learning and invest in its applications. The growing deployment of Edge AI is responsible for market growth. Edge AI reduces the reliance on cloud computing and provides faster response times, improved privacy, and bandwidth efficiency.

Browse through Grand View Research's Next Generation Technologies Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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